Eagle Pass Gets 15 Million State Loan To Rebuild And Extend Patsy Winn Boulevard
The Texas Transportation Commission on Thursday approved a State Infrastructure Bank loan of up to $15 million for Eagle Pass to rebuild and extend Patsy Winn Boulevard.
EAGLE PASS, Texas – The Texas Transportation Commission on Thursday, Oct. 29, approved a loan of up to $15 million for the City of Eagle Pass to reconstruct and extend Patsy Winn Boulevard, according to the City of Eagle Pass and commission records.
The money comes from the State Infrastructure Bank, a revolving loan fund run by the Texas Department of Transportation that lends money to local governments for road projects. The commission approved the loan unanimously, according to the city. City Manager Homero Balderas and city staff attended the commission meeting.
“This investment marks an important step toward improving connectivity and supporting our community’s continued growth,” the city said in an announcement posted Thursday.
Loan terms
According to the commission’s minute order, the city can borrow up to $15,000,000 for construction and utility relocation needed for the project. The terms approved by the commission are:
- Interest rate of 2.11%
- Term of up to 10 years
- Up to two years before the city has to begin repayment
- Repayment secured by a pledge of the city’s property tax (ad valorem) revenues
The commission waived the preliminary approval step that normally applies to State Infrastructure Bank loans over $10 million and granted final approval, according to the minute order. The order describes the work as a non-tolled, off-system project, which means Patsy Winn Boulevard is a city street and not part of the state highway system.
After the loan, the bank’s available cash balance drops from about $189.8 million to about $174.8 million, according to TxDOT’s presentation. The bank currently has 80 outstanding loans with a combined balance of $363 million.
City already moved money to start work
In June, the Eagle Pass City Council voted unanimously to move up to $3 million from the International Bridge System Fund into the General Fund to begin construction of the Patsy Winn Boulevard extension while the city lined up long-term financing, according to the council’s agenda records. The city said at the time those funds could be reimbursed once financing was approved.
The city has not publicly released a construction schedule or the exact route of the extension.
The loan comes as other large infrastructure projects move forward in Maverick County.
Read our earlier coverage: Maverick County Advances Flood Warning Siren Plan
Sources: City of Eagle Pass News Flash, Oct. 29 | Texas Transportation Commission minute order, Oct. 29 agenda item 8 | TxDOT State Infrastructure Bank presentation | Texas Transportation Commission agenda, Oct. 29 | Eagle Pass City Council agenda records
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